Empower Advisory Group LLC Cuts Position in Intuit Inc. (NASDAQ:INTU)

Empower Advisory Group LLC lowered its position in Intuit Inc. (NASDAQ:INTU) by 5.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,244 shares of the software maker’s stock after selling 458 shares during the quarter. Empower Advisory Group LLC’s holdings in Intuit were worth $4,553,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. R Squared Ltd purchased a new position in shares of Intuit in the fourth quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new stake in Intuit during the 3rd quarter worth about $27,000. Heck Capital Advisors LLC purchased a new stake in Intuit during the 4th quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Intuit during the 4th quarter worth about $28,000. Finally, Sugar Maple Asset Management LLC purchased a new stake in Intuit during the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In other Intuit news, EVP Mark P. Notarainni sold 3,649 shares of Intuit stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $646.68, for a total transaction of $2,359,735.32. Following the sale, the executive vice president now directly owns 19 shares in the company, valued at $12,286.92. The trade was a 99.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $641.82, for a total value of $48,136,500.00. Following the sale, the insider now owns 6,378,105 shares in the company, valued at $4,093,595,351.10. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 293,014 shares of company stock worth $188,992,187 in the last three months. 2.68% of the stock is owned by insiders.

Intuit Stock Performance

Shares of NASDAQ:INTU opened at $579.94 on Wednesday. The company has a market cap of $162.34 billion, a P/E ratio of 56.30, a PEG ratio of 2.91 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The business’s 50-day simple moving average is $619.03 and its 200 day simple moving average is $629.49.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating the consensus estimate of $2.36 by $0.14. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $1.14 EPS. On average, sell-side analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on INTU. Piper Sandler reiterated an “overweight” rating and set a $765.00 price objective on shares of Intuit in a research report on Friday, January 10th. Oppenheimer raised their price target on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $760.00 price target on shares of Intuit in a research note on Friday, November 22nd. Barclays decreased their price target on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Finally, StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $726.53.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.